Spot gold closed yesterday with a 0.6% gain, settling at 3,373, supported by a weakening U.S. dollar. Additional bullish momentum came from President Trump's renewed call for interest rate cuts following weak U.S. data, as well as a phone call between Trump and Russian President Putin.
Market attention is now focused on Friday’s upcoming meeting between Trump and Chinese President Xi Jinping, as well as the U.S. Non-Farm Payrolls (NFP) data. Today, investors will be watching the release of weekly U.S. jobless claims and the European Central Bank’s (ECB) interest rate decision.
Technical Outlook:
If the price breaks above the 3,392 resistance level, the next target could be 3,435. On the downside, a break below the 3,331 support may push the price toward 3,300.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.